How are acquisitions good for society?
A) Acquisitions eliminate barriers to entry.
B) Acquisitions require little government oversight.
C) An acquiring company may improve the efficiency of an acquired company.
D) An industry may become less competitive after an acquisition.
E) The acquisition may result in higher costs, leading to higher prices for consumers.
Business markets are similar to consumer markets in that ________.
A) the nature of the buying unit is the same for both
B) the decision processes involved in both the markets are same
C) both involve people who assume buying roles and make purchase decisions to
satisfy needs
D) both share the same market structure
E) the types of decisions are fairly consistent in both the markets
A company’s close competitors are ________.
A) considered “bad” competitors
B) a serious threat and hence, must be destroyed immediately
C) those that most resemble the company’s operations
D) typically ignored as they seldom pose any threat
E) the sole focus of successful companies
A company that focuses on customer developments in designing its marketing strategies
and on delivering superior value to its target customers is a ________.
A) competitor-centered company
B) shell company
C) maquiladora
D) customer-centered company
E) dummy company
An example of a company exhibiting a blue ocean strategy is ________.
A) Amazon’s online shopping convenience
B) a Starbucks opening in the same vicinity of an independent coffee house
C) Nike’s brand image of the ‘swoosh”
D) Whirlpool’s full line of medium-priced, energy-saving appliances
E) the first digital tablet iPad released by Apple
From a(n) ________ point of view, Pepsi might see its competition as Coca-Cola, Dr
Pepper, 7UP, and the makers of other soft drink brands. From a(n) ________ point of
view, however, the customer really wants “thirst quenching.”
A) market; industry
B) market; consumer
C) industry; competitive
D) industry; market
E) company’s; consumer
Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small,
seaside motel to a thriving year-round resort in just a few years. Atop a cliff
overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during
summer, but then faced a tremendous downturn in business during winter. “But, given
the established industries in the nearby towns, very little year-round competition, and
our close proximity to Portland,” Carol added, “I couldn’t understand why seasonality
had to hit Seagull Terrace so hard!”
So Carol spent her first winter devising a new marketing plan. She put together a
promotional package designed to attract business travelers year-round. Carol’s plan also
involved a seasonal promotional gimmick-to be implemented from early winter to late
spring-that would attract the same numbers as the large summer crowd. Her idea
worked! During her second winter, Carol greeted numerous business travelers-both
satisfied repeat guests as well as new guests who had been snagged by her promotional
appeals.
“We still have a long way to go,” Carol admitted. “Our delicatessen offers entrees that
are a part of the local cuisine, but we’d like to expand that. We provide health club
privileges off-site, but we’d like to eventually provide our own. These are goals I hope
to achieve in a few years. Our first project, however, included a renovation of our guest
rooms and I’m quite proud of the results.” Carol then added, “Actually there are so
many possibilities. With an indoor pool area, I will eventually offer weekend getaways
throughout winter.”
Seagull Terrace offers its customers good accommodations, local delicacies, and
amazing seaside views. The overall experience provided at the motel is a part of its
________.
A) market offering
B) target market
C) market segment
D) product positioning
E) marketing mix
Business buyer behavior refers to the ________.
A) buying behavior of consumers who buy goods and services for personal
consumption
B) buying behavior of the organizations that buy goods and services for use in the
production of other products and services that are sold, rented, or supplied to others
C) buying behavior of consumers who rely on small retailers for the regular supply of
provisions
D) decision process by which business buyers determine which products and services
their organizations need to purchase
E) strong affinity of businesses for value-for-money deals
Ravenshaw Corp. assigns its sales and marketing people to specific countries, regions,
and districts. Ravenshaw Corp. is most likely an example of a ________.
A) geographic organization
B) product organization
C) functional organization
D) niche marketer
E) mass marketer
Jason has been recently hired as a salesperson by Matrix Inc., a company selling
consumer durables. He is currently working on his first sales assignment. After
identifying a good prospect, Jason is now learning everything about his prospect via
online sources and common acquaintances. Which of the following stages of the selling
process is Jason in?
A) follow-up
B) handling objections
C) preapproach
D) presentation
E) prospecting
Each product will have a life cycle, although its exact shape and length is not known in
advance. Briefly explain each phase of the product life cycle.
What are the components of a company’s marketing mix?
What are the three characteristics that advertising appeals should have?
Describe the differences between discount stores and off-price retailers.
List four types of discounts.